Minnesota Auto Insurance requirements are different from most other states. Drivers in this state are required No-Fault Insurance as well as the minimum Liability Car Insurance. No-Fault Insurance refers to Personal Injury Protection (PIP) you would see in other states but it is much higher than most at $40,000.
Another interesting point to know about insurance requirements in the North Star State is that you automatically get up to $35,000 coverage for damages to rental cars, under the property damage liability portion, without a deductible. This is part of your basic policy. State requires rental firms to point this out to you so that you don’t buy any more coverage if you don’t need.
Minnesota Car Insurance Laws
Here are Minnesota minimum auto insurance requirements in a nutshell.
It is probably best you read the full explanation on Auto Insurance Brochure on official state website.
You would think that you would need to pay a lot more in this state for auto insurance but the figures don’t support this thinking. State car insurance rates are not within the most expensive states. Also, Uninsured Drivers (12%) figures are lower than the country average.
This goes to show that arranging much better vehicle insurance coverage will not necessarily cost you a lot more. The costs may be negligible. Even though the minimum requirements are pretty bulked up you can still get cheap car insurance in Minnesota that proves our point.
You may need an Independent Automobile Insurance Broker, MN to explain it all to you especially if you have just moved in to the state. When you are arranging your first policy a little help from someone in the know would ensure you don’t make mistakes. In addition, you may get all your questions answered. Of course there are many other sources of information and many people are comfortable about finding out the information required on their own. You can start with having a look around this site for helpful articles.
You will probably want to add coverage for your own vehicle on top of the above minimum requirements and perhaps you would want to bulk them up. You should first ask how much automobile insurance do I need and look for affordable quotes after you decide the coverage you want. Look at your personal circumstances and determine how much cover you want or need. For example, a rich person may want to buy large liability coverage to protect his assets. Or a motorist with a rich heart may want large liability coverage because he/she wants to compensate for injuries and losses of innocent road users properly if he/she ever causes them damages.
Your personal choices affect car insurance premium and coverage. You can tailor policies for your needs. However, it is advisable to stick to package policies as closely as possible if you want to keep your premium affordable. The more you change a policy and add extra coverage the higher the costs will be. The solution is to find an already marketed policy that matches your requirements closely. Then, you can make one or two small changes to it. Keep this in mind when you are insuring automobiles.
How Much Is Auto Insurance in Minnesota?
The Land of 10,000 Lakes’ most notable feature appears to be the number of lakes in the state. Otherwise, MN likes to keep near the averages. It is a large state in Midwestern United States but it is not as densely populated as many other states. MN residents appear to be doing well financially in comparison to most of the states. These factors, along with insurance regulations in the state, affect auto insurance costs.
The average cost of auto insurance in Minnesota is $745 and it is almost $100 cheaper than the US average. You can also get cheap full coverage auto insurance quotes in Minnesota as the estimated costs are $1,257, again below the US average. The former figure is the average premium expenditure and real figures. The latter figure is based on full coverage quotes received for a good driver with no ticket or claim.
What you may be paying for your vehicle insurance at the moment may be slightly different than those figures. It is totally normal considering your individual circumstances and details. What you can do is to make sure that you familirize yourself with how to economize on auto insurance. You can reduce your premium cost considerably even if you manage to get only few of the discounts mentioned in that post. You will see that more than half of those ways of reducing auto insurance costs have nothing to do with driving.
Secondly, you can try to reduce your premium even further by shopping for the best quotes. This is the simplest and fastest way of saving money, especially with the help of the Internet. There are many comparison websites online just like this one to help you find the best deals. Anyone can benefit from this simple trick regardless of their driving experience, age, gender or location.
Cheap Car Insurance Companies in Minnesota
One thing policyholders need to remember is that vehicle insurers change their rates pretty fast. For example, Travelers was the cheapest insurer in MN last year but it isn’t even in top 20 this year. These are the cheapest auto insurance companies in MN for now but you should always get a few more car insurance quotes from different carriers and compare them. This is the only way of making sure that your premium remains constantly competitive.
- Farm Bureau Mutual, $689
- State Farm, $753
- West Bend Mutual, $791
These companies are consistently providing cheap auto insurance in most cities of MN. The rates are slightly more expensive in large cities like Saint Paul and Minneapolis but it isn’t large enough to raise concern. Actually, city vehicle insurance is MN is low in comparison considering nearly 60% of state population lives in the Minneapolis–Saint Paul metropolitan area (known as the “Twin Cities”). Usually, insurance rates are much higher in metro areas across the country for obvious reasons like higher accidents and vehicular crimes.